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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 64,769 $ 80,457
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 15,174 11,779
Amortization of operating lease right-of-use assets 1,596 1,664
Stock-based compensation expense 8,099 7,424
Deferred taxes (643) 591
Other (1,229) (74)
Changes in operating assets and liabilities:    
Decrease (Increase) in accounts receivable (11,699) (7,880)
(Increase) in receivables from broker-dealers, clearing organizations and customers (296,015) (270,491)
(Increase) decrease in prepaid expenses and other assets (2,445) 3,082
(Decrease) Increase in accrued employee compensation (33,553) (34,103)
Increase in payables to broker-dealers, clearing organizations and customers 229,151 174,942
(Decrease) increase in income and other tax liabilities 3,049 4,814
(Decrease) increase in accounts payable, accrued expenses and other liabilities 1,932 2,599
(Decrease) in operating lease liabilities (1,799) (1,845)
Net cash provided by operating activities (23,730) (23,159)
Cash flows from investing activities    
Purchases of furniture, equipment and leasehold improvements (1,396) (4,257)
Capitalization of software development costs (9,425) (8,075)
Net cash (used in) provided by investing activities (10,821) (12,332)
Cash flows from financing activities    
Cash dividend on common stock (27,425) (25,454)
Exercise of stock options 50 244
Withholding tax payments on restricted stock vesting and stock option exercises (20,292) (27,422)
Repurchases of common stock (38,800) (520)
Proceeds from short-term borrowings 100,000 69,302
Repayments of short-term borrowings (100,000) (35,000)
Net cash (used in) financing activities (86,467) (18,850)
Effect of exchange rate changes on cash and cash equivalents (4,356) (1,027)
Cash and cash equivalents including restricted cash    
Net (decrease) increase for the period (125,374) (55,368)
Beginning of period 625,567 608,050
End of period 500,193 552,682
Supplemental cash flow information    
Cash paid for income taxes 8,487 6,250
Cash paid for interest 134 191
Non-cash activity    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 91 878
Trading Investments [Member]    
Changes in operating assets and liabilities:    
(Increase) decrease in trading investments 0 (5,495)
Mutual Funds Held In Rabbi Trust [Member]    
Changes in operating assets and liabilities:    
(Increase) decrease in trading investments $ (117) $ (1,613)